https://www.taxtmi.com/caselaws?id=764511 ITAT Ahmedabad allowed the assessee's appeal, setting aside arbitrary income estimation by lower authorities. The tribunal held that rejection of books of accounts under section 145(3) was unsustainable when remand proceedings established books were complete, accurate, and supported by evidence. The estimation of profit at 0.5% and subsequently 0.1% of gross turnover by AO and CIT(A) respectively lacked justification. FIR and forensic audit supported the assessee's position of having no control over transactions, acting merely as signatory under employer's instructions. All additions to income were deleted. en-us Thu, 09 Jan 2025 00:00:00 +0530 Sat, 11 Jan 2025 08:46:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764511 ITAT Ahmedabad allowed the assessee's appeal, setting aside arbitrary income estimation by lower authorities. The tribunal held that rejection of books of accounts under section 145(3) was unsustainable when remand proceedings established books were complete, accurate, and supported by evidence. The estimation of profit at 0.5% and subsequently 0.1% of gross turnover by AO and CIT(A) respectively lacked justification. FIR and forensic audit supported the assessee's position of having no control over transactions, acting merely as signatory under employer's instructions. All additions to income were deleted. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764511